One of the leading mobile gaming platforms Zupee has reportedly secured USD 10 million in a funding round which was led by U.S.-based private equity firm WestCap Group as well as from its current investor Matrix Partners India.
According to authentic sources, the newly secured funds have allowed Zupee to reach a valuation of USD 19 million, including the USD 8 million funding in April 2020. The gaming platform also counts Falcon Edge Capital, Orios Venture Partners, and Smile Group among its investors.
The company intends to use the fresh investments to expand its market portfolio, enhance user experience as well as strengthen its team. In this context, Dilsher Singh Malhi, CEO at Zupee confirmed that the firm will also focus on offering its products in various local languages.
He added that the company has witnessed significant month-on-month growth in 2020 and that the fresh investments would provide Zupee an opportunity to double down in its scaling efforts.
Established in 2018 by IIT-Kanpur graduates Malhi and Siddhant Saurabh, Zupee has been gaining quite a recognition as a platform that enables users to participate in live quiz tournaments involving different topics such as spellings, sports, movies, general interest, and math on their smartphones.
Reportedly, the Bengaluru-based platform has over 2,000 live quizzes and claims to have disbursed over USD 13 million winnings to more than half a million users in India.
Managing Director at Matrix Partners India Tarun Davda mentioned that the online gaming industry recorded substantial growth in India, especially in 2020. Zupee’s robust growth is an obvious testament to this surge, he added.
Despite India having an uncertain regulatory outlook for this business domain, the skill-based gaming industry has witnessed significant financing across the country in 2020. For instance, MPL (Mobile Premier League) had reportedly raised around USD 90 million in a funding round led by SIG Global as well as RTP Global.
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